So much for the bounce- S&P and TNX had both attempted to rally just after NFP- 215 headline- Good wage, participation data, but manufacturing woes continue- -29k worst since 09- S&P has just broken initial support at 2040 which should cause further weakness to 2032-4, area indicated in this am's Report- Given the recent correlation in SPX to both TNX and CL.. the latter two have broken down and S&P now following suit. UNDER 2020 more meaningful for S&P to expect larger correction- For now, not too meaningful just yet, and S&P still quite resilient- Still right to follow UTILITIES.. and TELECOM, REITS given Yield implosion, and avoid Financials until more signs of stability arise- 2048 important to regain to expect rally- For now, weakness down to 2032-4 likely